JCX-26-24 (May 23, 2024)

Overview Of The Federal Tax System As In Effect For 2024

The current Federal tax system has four main elements: (1) an income tax on individuals, estates, trusts, and corporations (which consists of both a “regular” income tax and, in the case of individuals and certain large corporations, an alternative minimum tax);2 (2) payroll taxes on wages (and corresponding taxes on self-employment income) to finance certain social insurance programs; (3) estate, gift, and generation-skipping transfer taxes; and (4) excise taxes on selected goods and services. The staff of the Joint Committee on Taxation provides a broad overview of each of these elements. 

Related Publications

  • JCX-1-25 (January 09, 2025)

    List Of Expiring Federal Tax Provisions 2024-2034

    view details
  • JCT Methodology For Analyzing Macroeconomic Effects 2024 (December 12, 2024)

    Overview Of JCT Methodology For Analyzing The Macroeconomic Effects Of Proposed Changes In Tax Law

    view details
  • JCX-48-24 (December 11, 2024)

    Estimates Of Federal Tax Expenditures For Fiscal Years 2024-2028

    view details